The cryptocurrency market continues to face intense selling pressure on Friday, September 26, amplified by derivatives positioning and large-scale liquidations. Over the past 24 hours, nearly $1 billion in liquidations have been recorded, contributing to a broader market downturn. This comes amid continuous outflows from major crypto ETFs, which analysts believe signal waning institutional appetite.
Bitcoin ETFs witnessed $253.4 million in outflows, while Ethereum ETFs saw $251.2 million exit the market. These movements reflect a cautious stance from institutional investors, even as the market braces for a record $17-23 billion in Bitcoin (BTC), and Ethereum (ETH) options set to expire today, which analysts believe will trigger short-term volatility.
Riya Sehgal, a research analyst at Delta Exchange, attributed the sharp market decline to the “massive $1 billion in liquidations,” which she said “reflects intense long-side pressure.” She noted that the current short-term bias remains bearish, with Bitcoin slipping to the $108,700 mark. Despite a mild recovery, the flagship cryptocurrency continues to trade in the red.
Sharp sell-off hits Bitcoin, Ethereum
At last check, Bitcoin (BTC) was trading at $109,506, down 2 per cent in the past 24 hours, with a trading volume of $69.36 billion, according to CoinMarketCap. The digital asset fluctuated between $108,713 and $112,221 during the session. Its market capitalisation remains firm at $2.18 trillion, maintaining its position as the world’s largest digital asset.
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Sehgal added that Bitcoin needs to reclaim the $113,000-$115,000 range to shift the short-term sentiment to bullish territory.
On the other hand, Edul Patel, CEO of Mudrex, expressed cautious optimism. He noted that Bitcoin is showing early signs of recovery after testing support at $108,700, adding that “traders remain cautiously optimistic ahead of Friday’s $22 billion options expiry.”
Patel also pointed to strong net inflows of $241 million into Bitcoin ETFs, which he believes could help rebuild momentum. “For now, bulls need to defend the $110,000 mark to maintain an upward trajectory, while new support is forming near $107,500,” he said.
Meanwhile, Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, also came under pressure, slipping below the $4,000 mark. After multiple rejections near $4,500-$4,600, the token is facing potential further consolidation. At last check, ETH was trading at $3,942, down 1.66 per cent in the past 24 hours, with intraday prices ranging between $3,829 and $4,053.
Altcoins join sell-off
The broader altcoin market mirrored the weak sentiment, with Story (IP) continuing its sell-off to emerge as the day’s biggest laggard, plunging 28 per cent on CoinMarketCap.
Other major losers included Astar (ASTER), Avalanche (AVAX), Flare (FLR), ether.fi (ETHFI), 0G (0G), Aethir (ATH), Immutable (IMX), Zcash (ZEC), Pudgy Penguins (PENGU), Quant (QNT), NEAR Protocol (NEAR), Jupiter (JUP), SPX6900 (SPX), BNB (BNB), Aptos (APT), Injective (INJ), and Solana (SOL) — each falling up to 15 per cent.
Despite the widespread sell-off, some altcoins managed to defy the trend. OKB (OKB), Kaspa (KAS), Mantle (MNT), Cronos (CRO), Tether Gold (XAUT), and PAX Gold (PAXG) were among the few gainers, trading higher with gains of up to 7 per cent on CoinMarketCap.
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